NCLT Mumbai Grants First-Motion Approval for L&T Realty Demerger into Wholly Owned Subsidiary

Larsen & Toubro Ltd. Vs L&T Realty Properties Ltd. (NCLT Mumbai) The National Company Law Tribunal (NCLT), Mumbai Bench, passed an order on a first-motion application filed under Sections 230-232 of the Companies Act, 2013 in relation to a Scheme of Arrangement between Larsen & Toubro Limited (Transferor Company) and L&T Realty Properties Limited (Transferee Company), a wholly owned subsidiary of the Transferor Company. The Scheme contemplates the transfer and vesting of the Realty Undertaking of the Transferor Company into the Transferee Company as a going concern on a slump s...